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Electrophysiology Market 2024: Comprehensive Trends and Strategy Analysis
Electrophysiology Catheters Global Market Report 2024
According to The Business Research Company's, the electrophysiology catheter market size has grown rapidly in recent years. It will grow from $6 billion in 2023 to $6.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to rising incidence of lifestyle diseases, growing adoption of electrophysiology procedures, rising number of cardiac procedures, rising demand for personalized medicine, increasing focus on preventive care.
The electrophysiology catheter market size is expected to see rapid growth in the next few years. It will grow to $10.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increasing incidence of cardiac arrhythmias, growing geriatric population, rising healthcare expenditure, rising awareness about cardiovascular diseases, supportive policies and funding for cardiovascular health research. Major trends in the forecast period include innovations in catheter design and functionality, advancements in catheter ablation techniques, demand for minimally invasive procedures, incorporation of advanced technologies like 3d mapping and remote monitoring, innovation in catheter materials.
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Market Drivers and Trends:
The increasing prevalence of cardiovascular diseases is expected to propel the growth of the electrophysiology catheter market going forward. Cardiovascular diseases are a group of conditions that affect the heart and blood vessels, often leading to complications such as heart attacks, strokes, and heart failure. Cardiovascular disease rates are on the rise owing to several factors, such as unhealthy diets, sedentary lifestyles, smoking, and excessive alcohol consumption. Electrophysiology catheters are required for cardiovascular diseases to accurately diagnose and treat heart rhythm disorders by mapping electrical activity and delivering targeted therapeutic interventions. For instance, in January 2024, according to a report published by the American Heart Association, a US-based nonprofit organization focused on cardiovascular medical research, cardiovascular disease caused 931,578 deaths in the US, slightly more than the 928,741 in 2020. Globally, there were 19.91 million CVD deaths in 2021, compared to 19.05 million in 2020. Therefore, the increasing prevalence of cardiovascular diseases is driving the electrophysiology catheter market.
Major companies operating in the electrophysiology catheter market are developing technologically advanced products, such as the TRUEref technology-powered catheter, to enhance patient outcomes and streamline procedures. The TRUEref Technology-powered catheter is an advanced electrophysiology catheter that utilizes real-time, high-resolution mapping and precise localization to improve the accuracy and efficacy of cardiac arrhythmia diagnosis and treatment. For instance, in September 2022, Biosense Webster Inc., part of Johnson & Johnson MedTech, a US-based company that provides treatment of heart rhythm disorders, launched the OCTARAY Mapping Catheter equipped with TRUEref Technology, designed for mapping cardiac arrhythmias, particularly atrial fibrillation (AFib). The CARTO 3 Version 7 System powers this catheter and features eight splines with enhanced electrode spacing, allowing for shorter and more efficient mapping times.
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Major Key Players of the Market:
Johnson & Johnson Services Inc.; Abbott Laboratories; Medtronic plc; Siemens Healthineers; Philips Healthcare; GE Healthcare; Boston Scientific Corporation; Zoll Medical Corporation; Biotronik SE & Co. KG; Merit Medical Systems; Microport Scientific Corporation; Elekta AB; AtriCure Inc.; AngioDynamics Inc.; Biosense Webster Inc.; CardioFocus Inc.; Stereotaxis Inc.; Acutus Medical Inc.; OSYPKA AG; Imricor Medical Systems Inc
Electrophysiology Catheters Market 2024 Key Insights:
• The electrophysiology catheter market size is expected to grow to $10.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Rising Cardiovascular Disease Rates Drive Growth In Electrophysiology Catheter Market
• Technological Advancements In Electrophysiology Catheters
• North America was the largest region in the electrophysiology catheters market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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